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BRIEF-Freeport targeting $5 bln-$10 bln debt reduction - CEO Adkerson
January 26, 2016 / 5:01 PM / 2 years ago

BRIEF-Freeport targeting $5 bln-$10 bln debt reduction - CEO Adkerson

Jan 26 (Reuters) - Freeport-McMoRan Inc

* Adkerson says company facing “serious challenges” with what happening in commodities market and balance sheet

* CEO Adkerson says addressing these challenges “seriously” and with a “degree of urgency”

* Freeport’s Adkerson says has number of interested parties, could lead to sales or joint ventures

* Adkerson says engaged with number of parties on possible transactions on a wide range of company’s copper assets

* Adkerson says board has hired Lazard to advise it on oil and gas business options; working with Freeport’s banker JP Morgan

* Freeport’s Adkerson says confident indonesia gov’t will renew copper export license although not done yet

* Adkerson says indonesia gov’t demands that Freeport make a smelter deposit, pay export duty are inconsistent with 2014 gov’t arrangements

* Adkerson says Freeport targeting debt reduction of $5 billion to $10 billion; won’t be able to achieve in one transaction

* $5 billion to $10 billion asset sales target would include proceeds from selling 10-20 percent of Grasberg mine in Indonesia

* Freeport ’s Adkerson, asked if company would consider issuing equity, says it is looking at all alternativesSource text for Eikon: Further company coverage: (Reporting by Nicole Mordant)

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